The Cabinet’s Economic Coordinating Committee has authorized the Ministry of Economy to sign 15 debt restructuring contracts worth $395.96 million with several creditors/countries under the Debt Servicing Suspension Initiative (DSSI).

The meeting of the ECC was organized under the leadership of the Federal Minister of Finance and Revenue Shaukat Tarin.

The Economic Affairs Department (EAD) has concluded 15 agreements with Italy, Japan, Great Britain, Austria, France, Korea, the Netherlands, Sweden, Switzerland and Saudi Arabia and will amount to $395.96 million in debt between January and June 2021.

It is worth noting that the G20 Ministry of Finance, at its April 2020 meeting, announced debt relief for IDA-eligible countries to mitigate the socio-economic impact of Covid-19, known as DSSI-1.

The EAD said it had signed 31 deferral agreements with 19 creditor countries worth $1.6 billion. And now negotiations are underway to conclude an agreement on a debt repayment schedule with the United Arab Emirates.

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